Storage Equities Posts Jump in Quarterly Profit
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Storage Equities Inc., a Glendale-based real estate investment trust that invests mainly in storage facilities, said its first-quarter profit jumped 75% from a year earlier despite a 9% drop in revenue.
In the quarter that ended March 31, Storage Equity’s net income rose to $3.63 million from $2.07 million, and its revenue fell to $6.52 million from $7.20 million. The latest profit included a $1.15-million gain on the sale of real estate.
Storage Equities, which is managed by an affiliate of Public Storage Inc., attributed the higher earnings to increased rental income and lower operating costs at the properties in its investment portfolio.
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